Deciding Whether to Buy a Home in Missouri

Every day, every week, every month, we decide to spend our hard-earned money on things. These things can be as simple as our daily Starbucks splurge or as large as a new “grown-up” toy- i.e., car, boat, or motorhome. Not much thought is invested into our inexpensive purchases, yes, we are aware of our grocery bill or restaurant check, but we are not staying awake at night debating the pros and cons of these types of decisions. However, when it comes to a large purchase such as a vehicle, much more time and energy is put into the decision-making process. The last thing someone wants to have is buyer’s remorse. Buyer’s remorse often happens when an individual is not willing to invest the time and energy into the decision-making process. Purchasing a home is typically the largest finical purchase an individual will make in their lifetime. If done correctly, becoming a homeowner can be the most financially-sound and rewarding decision one will ever make.

Owning versus Renting

I am going to be very straight with you—Homeownership isn’t for everyone. I know, I am breaking so many real estate agent rules right now! Honestly, though, I don’t care. What I do care about is helping you determine if homeownership is something that might be a good decision for you today.

Renting Advantages

Becoming a homeowner in your adult life makes a lot of for a lot of people. However, there are many cases when choosing to rent is a better financial and personal decision. The benefits of renting include convenience, simplicity, flexibility, increased liquidity, better diversification, and (possibly) lower cost. There are many things you must consider when debating whether purchasing a home is a good decision: how long are you planning to stay in your current location, how much money do you have set aside for a down payment, do you have the financial reserves to pay for any home repairs that may pop up? Answering some of these basic questions can be the first step in determining if becoming a homeowner is a good decision.

Owning Advantages

Most people eventually do buy homes. The reasons as to why an individual will decide to purchase a home will vary. Many believe it is the “adult thing” to do, some want to obtain a sense of stability, and others want to reach certain financial goals that homeownership can provide. Whatever the reasons, homeownership can provide a wide variety of benefits to an individual. Some of the top advantages of owning a home include stable monthly payments, the opportunity to build equity, cheaper than renting over time, and tax advantages. One of the best things you can do as a potential home buyer is to reach out to a local mortgage lender. Taking the time to discuss your finances in detail will quickly help you determine if purchasing a home is a possibility. Knowing how much the bank is willing to lend you will give you a good idea of what price range you are looking at. A lender will also give you a list of mortgage programs that you may qualify for.

In Conclusion

The decision to become a homeowner is a big one. Never let anyone or anything push you into a decision that you are not ready to make. If you are working with a Realtor or Lender that is pressuring you to make a decision—find a new one! When done correctly, the home buying process is pretty incredible. Take the time to determine if becoming a homeowner is the right decision for you. Even if you decide today is not the time, don’t worry, enjoy where you are in life, and when the time is right, your dream home will be ready and waiting for you. 

 

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